Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2009
NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
John Michael Holder
AWC/2008012531701
Holder facilitated a customer’s purchase of life insurance policies in the name of the customer’s deceased son and used a false social security number on the policies. The customer forged her deceased son’s signature to execute the policies with Holder’s knowledge
John Michael Holder: Barred
Bill Singer's Comment
Yeah, I know.  First, it's sort of funny.  Then it's sort of just silly to the point of what the hell were they thinking. Then you realize that we're in the same business and the public will read about this and, geez, it's just not a laughing matter anymore. 
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